Business News Live: Sensex up 128 pts, Nifty above 22,250


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India’s stock indices, the BSE Sensex and NSE Nifty, kicked off positively on Friday, driven by a surge in IT majors. The Sensex rose by 99.44 points or 0.14 per cent to 73,257.68 points, while the broader Nifty gained 18.30 points or 0.08 per cent to 22,235.75 points. A

On Thursday, during the final trading session, both major equity benchmarks, Sensex and Nifty, staged a significant rebound, ending the day in positive territory due to widespread buying across sectors. The S&P BSE Sensex concluded at 73,158, marking a gain of 535 points, while the NSE Nifty50 closed above the 22,000 mark after hitting a low of 21,875, settling at 22,217 with a gain of 162 points.

Furthermost, following the government’s announcement of an increase in the minimum price for sugarcane growers, shares of sugar companies declined by 3 per cent on Thursday. The adjustment in the minimum price, set to take effect for the 2024-25 season beginning in October, had a notable impact on companies within the sector.

Rana Sugars saw a decrease of 2.86 per cent, ending at Rs 25.44 per share on the BSE. Similarly, Mawana Sugars closed at Rs 102.07, Shree Renuka Sugars at Rs 48.96, Dalmia Bharat Sugar and Industries at Rs 402, and EID Parry (India) at Rs 630.60, all reflecting a downward trend on Friday.

On Wednesday, an official statement released by the government highlighted the broad impact of the decision, “This decision of the central government is going to benefit more than 5 crore sugarcane farmers (including family members) and lakhs of other persons involved in the sugar sector,” it states.

In addition, RBI Governor Shaktikanta Das emphasized the importance of continuing efforts to address inflation, warning against premature policy adjustments that could undermine the progress achieved in stabilising prices. In the detailed minutes of the February Monetary Policy Committee (MPC) meeting, revealed by the central bank on Thursday, Das highlighted the need for monetary policy to remain vigilant, stating that the challenge of controlling inflation is still ongoing.


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